Updated the:
07/20/2012
GBP/USD : Back on its major resistance at 1.5643
Sentiment :
sentiment
1.5643
sentiment
1.56
sentiment
The British Pound strongly appreciated against the US Dollar. The bullish rally allowed the price to go out of its h4 bearish channel and also to made a return above the major resistance at 1.5643.

Although a pullback on 1.56 stay possible if the fibonacci retracement 38.20% at 1.5663 give resistance, we expect a pursuit of the bullish movement. The breakout of 1.5663 will open the way to a new bullish wave towards 1.5750 and 1.5785 (level 50%) in extension.

We are bullish as far as 1.5572 is support. In case of return below this level, we will be neutral between 1.5572 and 1.5512.
Analysis published by Bruno, the 07/17/2012 at 09h15 GMT+2

Update the 07/20 - After a pullback on 1.56, the bullish trend took up and the breakout of 1.5663 (level 38.20%) gave us a new buy signal. We expect a pursuit of the bullish movement towards 1.5770 and 1.5784 (level 50%). This scenario is reinforced by a bullish channel in h1. The breakout of 1.5784 will give a new buy signal. We stay bullish as far as 1.5643 is support. In case of breakout, we will be neutral between this level and 1.56.

Complete sheet of the pair GBP/USD - Previous GBP/USD Analysis

Chart of the pair GBP/USD - Timeframe 4H

GBP/USD

Chart of the pair GBP/USD - Timeframe 1H

GBP/USD

GBP/USD Live Chart - Timeframe : 4h

Chart